April 20, 2009

New Jersey (NJ) homeowners flock to foreclosure prevention sessions

Many New Jersey homeowners facing foreclosure are attending homeowner foreclosure prevention seminars to find out what to do with their home situation. The problem is so bad in New Jersey that entire blocks look


like they are boarded up and they are eroding the tax value of homes. The problem is increasing since scores of adjustable rate mortgages that were issued at the peak of the housing boom are beginning to move over to higher loan repayment rates. The modifiable rates are a trademark of sub prime lenders, who used them to get people into homes they might not otherwise have been able to pay for. One out about every 40 Newark homeowners received a foreclosure notice last year, that compares with one in about every 50 homeowners in the state of New Jersey and one of every 49 national wide. Hope Now, an alliance created by the housing industry expects to see and increased number of foreclosures as people who can’t pay off their adjustable rates increases. The nation’s unemployment rate jumped to 8.5 percent in March, the highest since late 1983, as employers purged 663,000 jobs. The average work week dropped to 33.2 hours, which is a record low.

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